Cinemark to pay down term loan borrowings with notes proceeds

By Sara Rosenberg

New York, May 31 - Cinemark USA Inc. plans to prepay its approximately $157.3 million term loan due October 2013 with proceeds from a $200 million senior subordinated notes offering, according to a market source.

Following the repayment, the company will have a roughly $912.8 million term loan due April 2016 and no term loan debt maturing in 2013.

Remaining proceeds from the notes will be used for general corporate purposes.

Cinemark is a Plano, Texas-based motion picture exhibitor.

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